ITE Group Issues Trading Update; Performance In Line With Management View

ITE Group plc (ITE.L) issued a trading update for the period from 1 April 2018 to the current date, incorporating the third-quarter trading period from 1 April 2018 to 30 June 2018. Overall for the quarter, revenues were circa 58 million pounds, in line with last year, due to the April divestment of TradeLink, the Group’s Malaysian subsidiary, and adverse currency movements. Revenues on a like-for-like basis were 13% ahead of prior year quarter.

For the nine months to 30 June 2018, revenues were circa 134 million pounds compared to 128 million pounds, prior year. On a like-for-like basis, this reflects an increase of 11%.

The Group reported that, after continued TAG investment in the period, but with strong operational cash conversion, net debt as at 30 June 2018 was circa 53 million pounds.

After adjusting for the divestment of Tradelink, the Board is confident in achieving its full year expectations.

by RTTNews Staff Writer

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